Dmitriy Chernovolov, Technical Analyst who has been actively following the FX markets for the last 11 years. He uses a systematic trend following approach combined with a proven money management system. Dima prefers to combine multiple technical analysis tools (e.g. Fibonacci retracements, trendlines, indicator divergences, Japanese candlesticks, Elliott Waves as well as horizontal support and resistance levels on different time-frame charts) to identify high probability synergetic trade setups with a high reward/risk ratio.

AUD/NZD broke resistance level 1.0580

AUD/NZD broke resistance level 1.0580

Next buy target - 1.0740

AUD/NZD has been rising steadily in the last few trading sessions inside the (c)-wave of the minor ABC correction 2 from the middle of September. The price earlier broke sharply through the resistance level 1.0580 (which stopped the (a)-wave of the active ABC correction 2) – which intensified the bullish pressure on this currency pair.

AUD/NZD is expected to rise further toward the next buy target standing at the strong resistance level 1.0740 (which reversed the previous corrective waves 2 and (ii) and which stands close to the 50% Fibonacci correction of the previous extended downward impulse from April).